Money isn’t the key motivator for people starting their own business, a new report has found.
The ‘Age of the Entrepreneur’ report, by Kingston University and T-Mobile, claims reality TV shows such as Tycoon and Dragons’ Den wrongly portray the typical budding entrepreneur as would be millionaires.
In fact, the report found that just 4% of start-ups are driven by the need to ‘make their first million’. Over half claimed the promise of a ‘comfortable’ living was their main incentive, and a third said they had no intention of actively growing their companies.
However, the notion that running your business will bring better work/life balance hasn’t proved true. The challenge of establishing a new business had a negative impact on 38% of respondents’ relationships with family and friends, while 36% admitted they struggled to balance demands on their time.
On a more positive note, the report claims small business owners remain upbeat about the economy despite fears of a credit crunch and resultant downturn. The majority felt the climate for enterprise had ‘significantly improved’ over recent years, while 44% felt that entrepreneurs were regarded with more admiration by the general public than ten years ago.
“Society is now more supportive of small businesses and those people that are turning their backs on conventional employment to start their own business,” said Derek Williamson, head of market development at T-Mobile UK.
“With greater opportunities for entrepreneurship, people are realising their dreams of controlling their own destiny.”
© Crimson Business Ltd. 2007
